Can 94% of the EU allow the 6% accounted for by the profligate periphery to bring the whole house down ? As we pointed out last week, if Greece were allowed to default, the ECB, and countless commercial banks would be in serious trouble. That outlook, and the insistence of various ECB officials that default is off the table, supports our view that core Europe can, and will, save the peripherals. |
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The immediate question is of course “Save them for how long?” A period of up to two years appears to be the current answer. |
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